Scotia Capital Upgrades Life Insurance Cos to Overweight

Scotia Capital, 19 January 2007Increasing EPS estimates due to F/X and moving to Overweight� Canadian Insurers - moving to overweight. The macro environment continues to look good for our insurers. Currency rates are much more favourable than 6 months ago and continue to move in a direction that adds to our EPS estimates. Long term interest rates appear to have stabilized, and with Scotia